Boosting AML and KYC efficiency is a priority for many financial firms. Can managed services help?

OVERVIEW

Financial firms are taking a new look at their Anti-Money Laundering (AML) and Know Your Customer (KYC) programs, in light of increased regulatory scrutiny. Institutions need to capture new and more information than ever before.

For some firms, this is translating into a 25 time increase in production volume. The problem is compounded for firms struggling with aging IT infrastructures.

Accenture recommends considering new approaches—including adoption of a managed services model for AML and KYC programs.

The managed services advantage

Some businesses encounter traditional challenges as they work to improve their AML/KYC model. For example, their current model might be built on inefficient or manual processes that can’t be sustained at a higher level. Or, program quality might be inconsistent, with insufficient quality checks.

Some institutions struggle to find the right resources to support their AML/KYC programs. Even when the right resources are in place, training programs might be insufficient.

Financial firms using a managed services approach to AML/KYC can gain several advantages that address many of these concerns.